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Government Reduces 10% FED on 1700cc & Above Vehicles

The advisor to prime minister of Pakistan , on commerce, textile and industries made the announcement for withdrawal of 10% FED on the vehicles of 1700 cc engine and above vehicles in the coming few weeks. Government Reduces 10% FED on 1700cc & Above Vehicles.
The government has imposed 10% Federal Excise Duty on the locally manufactured cars of 1700 cc and above engine displacement through the finance supplementary bill 2019 .

Reasonable Reasons behind This Makeshift

There can be many reasons behind this latest decision but there are two main scenarios after thorough analyzing of whole prevailing situation. The first reason is the poor sales statistics by the local automakers and second is hike in prices of vehicles, which has made lives of potential buyers miserable.

The automakers got published few quarterly reports that the profits are going done and they should get the assistance from the government and the present government give some relief to automakers by allowing the non filers to buy any vehicle irrespective of the engine capacity. The order of allowing non filers is a must read and PTI government allowed the non filers to purchase the cars and after that restricted them. The online digital media portal reported that the government has made the decision to withdraw 10% FED because of some pressure from local assemblers.

Most of the car manufacturers can increase prices of their vehicles. They say that the value of the rupee is downgraded, which is the main reason for increase of prices of the vehicles. After imposing of FED, the price of Grande Altis 1.8 MT was increased from 2,689,000 to 2,957,000 . Fortuner Diesel pre-FED was Rs. 6,829,000 and after imposing of FED , it reaches to Rs. 7,511.900 . After showing the rupee devaluation, the car manufacturers have increased prices of the vehicles many times. The industry expert talked to local media outlet and said that this is the reason; the prices of the vehicles are increased every month.

He further said that the new coming Alto 660 cc base version must be priced at over PKR 9 lac and will disturb the purchasing power of the buyers. The government has formulated and implemented the policy, it should let work for some time and after that it is suspended.

This year the local car makers have increased the prices of the cars for two times. Toyota, Honda and Suzuki have increased the prices of the vehicles by PKR 85,000 to 100,000 respectively.